Teva gets closer to completing Ratiopharm acquisition

JERUSALEM Teva Pharmaceutical Industries got closer to finishing its $5 billion acquisition of German drug maker Ratiopharm from the Merckle Group, the Israeli generic drug manufacturer said Tuesday.

Teva announced that the European Commission approved its plan to acquire Ratiopharm. The Competition Bureau of Canada had said Friday that it would not challenge the acquisition.

Ratiopharm was put up for sale last year following the suicide of its owner, Adolf Merckle, who left behind crushing debts for the generic drug maker and Phoenix Pharmahandel & Co., the family’s drug-distribution business.

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